Description

BSE announces addition of 3 securities to the Enhanced Surveillance Measure (ESM) framework effective February 24, 2026, along with the consolidated list of all securities currently under ESM.

Summary

BSE has issued its Enhanced Surveillance Measure (ESM) update effective February 24, 2026. Three new securities have been shortlisted under the ESM framework: BLB Ltd (as per NSE), Deccan Polypacks Ltd, and Jhandewalas Foods Ltd (SME scrip). No securities are moving to higher or lower ESM stages, and no securities are exiting the ESM framework in this cycle.

Key Points

  • 3 new securities added to ESM framework effective February 24, 2026
  • BLB Ltd (Scrip Code: 532290, ISIN: INE791A01024) added as per NSE
  • Deccan Polypacks Ltd (Scrip Code: 531989, ISIN: INE132E01015) newly shortlisted
  • Jhandewalas Foods Ltd (Scrip Code: 540850, ISIN: INE841Y01019) added as an SME scrip
  • No securities moving to higher ESM stage (Nil)
  • No securities moving to lower ESM stage (Nil)
  • No securities exiting ESM framework (Nil)
  • Consolidated list includes 30+ securities across ESM Stage I and Stage II

Regulatory Changes

The ESM framework update is issued under SEBI’s Enhanced Surveillance Measure guidelines. Securities placed under ESM are subject to trade-to-trade settlement and additional surveillance margins. The placement is based on objective criteria including price-volume movement, financial health, and corporate governance indicators. Note: as per circular 20251127-51 and 20260105-26 dated November 27, 2025, certain scrips marked (~) will continue in Trade for Trade even after ESM exit.

Compliance Requirements

  • Market participants must note that newly added ESM securities (BLB Ltd, Deccan Polypacks Ltd, Jhandewalas Foods Ltd) will trade under ESM restrictions from February 24, 2026
  • Brokers must ensure clients are informed of the revised trading conditions for ESM-listed securities
  • All trades in ESM securities must comply with trade-to-trade settlement requirements
  • Additional surveillance margins applicable as per ESM stage designation
  • Securities marked with * are included as per NSE listing; securities marked # are SME scrips

Important Dates

  • Effective Date: February 24, 2026 — New ESM inclusions and stage changes take effect
  • Circular Date: February 23, 2026

Impact Assessment

The addition of three securities to ESM imposes significant trading restrictions on BLB Ltd, Deccan Polypacks Ltd, and Jhandewalas Foods Ltd. Investors holding these securities will face reduced liquidity as trades must be settled on a trade-to-trade basis, eliminating intra-day netting. This typically leads to increased volatility and wider bid-ask spreads. The absence of any ESM exits or stage downgrades this cycle indicates no relaxation of surveillance pressure on existing ESM-listed securities. The consolidated list covering 30+ securities across Stage I and Stage II reflects ongoing regulatory scrutiny of smaller and mid-cap counters on BSE.

Impact Justification

ESM placement directly restricts trading conditions for affected securities, imposing trade-to-trade settlement and additional margins, significantly impacting liquidity and investor activity in these stocks.